The Application Of The Securities False Statements Special Representative Lawsuit System

The development of economy promotes the expansion of the securities market.At the same time,the public’s enthusiasm for investment in the securities market is also rising,which promotes the reform of China’s securities industry to a great extent.However,the rapid development of the securities industry also makes many problems appear.On the one hand,it brings great investment temptation to many ordinary investors,resulting in blind investment.On the other hand,due to the instability of the securities market itself,it will also lead to the frequent occurrence and rampant of Securities Misrepresentation,which will cause many potential risks to small and medium investors.In order to deal with the increasing cases of Securities Misrepresentation,stabilize the development of the securities market and overcome the limitations of the traditional civil litigation mode,the state passed the newly revised Securities Law in December 2019,Article 95 of which marks the birth of the special representative litigation system.Although it was born,the special representative litigation system is a new system in our country after all.Due to the short implementation time and the lack of corresponding typical cases in judicial practice,it is inevitable that many problems will appear in the application.Therefore,how to apply the system correctly and reduce the occurrence of problems as far as possible is what we must care about and pay attention to at present.This paper is divided into four parts.Firstly,it discusses the background of the special representative litigation system.By listing the definition of Securities Misrepresentation,this paper analyzes the different harm of different levels of subjects when they suffer from securities misrepresentation.After that,the paper clarifies the limited role of the traditional litigation mode in regulating the securities market,and highlights the necessity and importance of the special representative litigation system through the judicial development of securities dispute litigation in different periods.Secondly,it systematically discusses the content and characteristics of the special representative litigation system.The author mainly from the main content of the special representative litigation system,"special" and significance,shows that the emergence of the system is in line with the times,in line with the national conditions.Thirdly,the problems in the application of the special representative litigation system are listed in detail.This paper mainly analyzes the starting procedure of the special representative litigation system is not perfect,it is difficult for investors to exercise the right to know and withdraw from the litigation,the positioning of investor protection institutions is not comprehensive,the role of expert assistants is ignored,the payment and bearing of litigation costs are not detailed,and so on,to clarify the problems that will occur in the application of the system,which need to be dealt with correctly.Finally,it puts forward suggestions on how to ensure the litigation system of special representative.From the point of view of the problem,the author expounds the correct application of the system one by one.The purpose is to make the special representative litigation system play its due role,effectively safeguard the legitimate rights and interests of small and medium-sized investors,so that every small and medium-sized investor can feel fairness and justice in judicial practice,and ensure the steady progress of the securities industry and even the securities market.